AUSTIN — The Lance Armstrong Foundation LiveStrong Cancer Navigation Center in east Austin opened its doors in late March to provide free services for anyone affected by cancer. STG Design provided architecture and interior design services by revitalizing an existing warehouse space to serve as a prototypical cancer resources center. Originally housing the Gulf Coast Paper Co., the building will act as a central hub for financial, medical and personal guidance to individuals with cancer. It is located at 2201 E. Sixth St.
Texas
DALLAS — The Bascom Group has acquired The Davis Building, a luxury, urban infill mixed-use project. The investment includes a 20-story high-rise building featuring 183 loft-style apartment units, retail space and a 12-level parking garage in downtown Dallas. It was built in 1926 as an office building and converted into luxury apartments in 2003. The property was purchased through a receivership sale with debt financing provided by J.E. Robert Cos., and was 95 percent leased as the close of escrow. Jeffrey Fuller, Han Jang and Paul Miskowicz of The Bascom Group led the transaction. Ryan Epstein of Marcus & Millichap represented both parties.
MESQUITE — Firebrand Properties, a Burger King franchisee, has purchased a 31,711-square-foot property and a 2,440-square-foot building at 1933 N. Town East Blvd. in Mesquite. A former Arby's restaurant, the property was sold by The Beil Family Trust and will be converted to a Burger King. Tom Paredes of John T. Evans Co. represented Firebrand Properties, while Bryan Cornelius and Jim Dunn of Venture Commercial, as well as Richard Terzian of Progressive NNN Properties, represented The Beil Family Trust.
HOUSTON — Behringer Harvard, which manages global institutional-quality investment programs for individual and institutional investors through its real estate investment trusts, has invested in The Domain at Eldridge, a 320-unit luxury multifamily community slated for development in Houston's Energy Corridor. Behringer Harvard has provided mezzanine financing for the construction of The Domain at Eldridge, which will begin construction this spring at a 9.9-acre site on Crescent Plaza Drive near the southeast corner of Eldridge Parkway and Briar Forest Drive. First units available for lease are expected in Spring 2012. Simmons Vedder Partners will develop the property, while financing for its construction will be provided by JPMorgan Chase. Units at The Domain at Eldridge are expected to average 970 square feet, offering one or two bedrooms and bathrooms.
DEER PARK — A Florida investor has purchased the Shoppes at Town Square in Deer Park from a local Houston-based developer. The 11,692-square-foot shopping center was built in 2009 and is 100 percent occupied with a mix of local and national tenants including Wing Stop, T-Mobile and Edward Jones. Gavin Kam with Net Realty Advisors and Brad Kam with TKG Property negotiated the sale on behalf of the seller.
AUSTIN — Austin-based T. Stacy & Associates' T. Stacy Value Fund I has purchased the Barton Ridge office complex, a four-building property located at 4544 S. Lamar Blvd. in Austin. AT&T is the property's largest tenant, occupying 108,000 square feet. This is the fund's first acquisition in Texas and it partnered with the Texas School Land Board, the state of Texas' permanent school fund, to complete the transaction. Walter Saad and Cathy Nabours of CB Richard Ellis represented the seller, while T. Stacy & Associates was represented internally.
AUSTIN — ARA, a privately held, full-service multifamily investment advisory brokerage, has facilitated the sale of the 121-unit Las Palmas Apartments in southeast Austin. Located off Town Lake Circle Dr., the garden-style community sits on 3.3 acres and was foreclosed upon several months prior to the sale. During the sales process, the property was managed by a third-party manager and had a very low occupancy with rents comparable to other assets in the area. Duke Capital, a local private buyer, purchased the property.
HOUSTON — Cadence McShane Construction Co. will build the 82,000-square-foot Atherton Elementary School on behalf of the Houston Independent School District (ISD). The two-story school will replace an 49,110-square-foot facility that was constructed in 1957. Located at 2011 Solo in Houston, the project will break ground in May with a completion date set for July 2012. The new facility will accommodate more than 500 students from pre-kindergarten to fifth grade. It will include 30 classrooms, two science labs, a library, a full-service cafeteria, a practice gymnasium, administrative areas, a music and choir room, an art instructional space and performing arts area.
FORNEY — Phase I of Forney Parkway, a regional transportation project, has broken ground near Reeder Road and Reeder Lane, just north of U.S. Highway 80 at the CR 212 exit, in Forney. A public-private partnership between the City of Forney and owners of Meadow Ridge Farm, the adjacent property, has facilitated the roadway project. A completion date is set for 2012, with resulting development to begin in the spring of 2013. Phase I of construction includes a two-lane road, which is expandable to four lanes, connecting Reeder Road to U.S. Highway 80 at the future Forney bridge, which will serve as the entrance to the Village at Meadow Ridge Farms, a retail destination. The entire Forney Parkway project will encompass a 2.2 mile-, multi-lane thoroughfare connecting FM 548 to the north to FM 1641 to the south, spanning U.S. Highway 80 and adjacent to the Union Pacific rail line.
AUSTIN — Karlin Real Estate has acquired a vacant 301,644-square-foot Class A corporate headquarters and manufacturing facility in northeast Austin from Dell USA, L.P. The property is located at 210 Howard Ln. in Tech Ridge, a 1.8 million-square-foot commercial and retail master-planned development alongside Interstate 35. Karlin represented itself in the transaction, while Greg Marberry, Dave Anderson and John Barksdale of CB Richard Ellis' Austin office represented Dell USA, L.P.